Eranovum and Triodos Bank collaborate on a landmark project for electric vehicle charging infrastructure and renewable energy
Eranovum, a leading operator of electric vehicle charging points in Spain and an independent producer of renewable energy, has secured a €6 million financing from Triodos Bank. This marks the first project financing in Spain that integrates electric vehicle charging infrastructure with renewable energy production, representing a milestone in the industry. The funding will support the development of up to 540 charging points located mainly in Valencia, Catalonia, Murcia, and Castilla-La Mancha, as well as a five-megawatt solar power plant in Cartagena (Region of Murcia).
Innovative Financing Model for Sustainable Mobility
“This agreement represents a significant step forward for the electric mobility sector in Spain. The combination of an innovative financial model and the use of renewable energy allows us to continue driving the transition towards more efficient and accessible mobility. We are pleased with the collaboration with Triodos Bank and the confidence they have shown in our project,” said José Luis Aguirre, co-founder and partner of Eranovum.
Of the total funding, €4.4 million will be allocated to the charging points and €1.6 million to the solar power plant, ensuring a sustainable energy supply for the electric vehicle chargers. Currently, over 75% of the charging points are operational, with the remainder set to be completed by 2025, in line with the financing commitments.
Enabling Predictable Revenue Streams through Renewable Energy
Traditionally, financing for electric vehicle charging points had been through corporate or mixed structures. However, Eranovum and Triodos have opted for a long-term Project Finance model that provides greater financial stability and allows the company to optimize the return on investment. The inclusion of a solar power plant in the agreement not only supplies clean energy to the charging points but also enhances revenue predictability, a critical factor in securing financing.
The connection between the plant and the charging points will be facilitated through a Power Purchase Agreement (PPA), ensuring a competitive and stable energy price in the long term. This arrangement safeguards the operation against market volatility and ensures consistent revenues for the solar power plant.
Making Strides Towards Sustainable Mobility
Miguel Angel Amores, Head of Structured Financing for Renewable Energy at Triodos Bank Spain, emphasized the importance of electrifying transportation with renewable energy to quickly decarbonize the economy. He highlighted the essential role of a widespread charging network in increasing the penetration of electric vehicles. Triodos Bank takes pride in contributing to sustainable mobility through innovative Project Finance for both the charging network and the solar power plant, which supplies renewable electricity through a virtual PPA.
Eranovum views this agreement as part of its global strategy to finance assets for optimal returns and stability in investments, indicating the potential replication of this financing model in future projects. Eranovum, founded in 2019, operates as an independent energy producer, investing in solar photovoltaic plants, wind farms, and storage facilities, while also providing comprehensive solutions for electric vehicle charging infrastructure.
Triodos Bank, established in 1980, is an independent European bank known for its ethical and sustainable banking approach. Operating in multiple countries under strict supervision, Triodos Bank combines financial profitability with social and environmental returns. With a focus on sustainability, Triodos Bank is a pioneer in the ethical banking sector and is part of a global alliance promoting a sustainable financial system.